2) NTA after giving out all the dividend of 24 cents is now 10.14 cents.

At the current price of 36 cents and assuming you get back only 30 cents dividend and not the full sum of 32 cents, you are looking at spending 6 cents for buy the share of a company with NTA of 10.14 cents with almost half the NTA as cash and part of the NTA a property at yishun.

So potential catalyst is CEM business turnaround and begins to earn profit. Then expect share price eventually to trade above NTA since it' s NTA is made up of cash on hand + property and it' s CEM business is profitable. From now onwards, if any one of the quarters begin to show that CEM has started to earn profit, then the share price will start to rise above NTA.

If we looking at the worse case scenario, CEM still making losses, then we may see the share price stagnant at NTA or slight below NTA.

Summary: Spending 6 cents now to bet on the turnaround of the CEM business starting from any of the coming quarters results which shows CEM earning profit and potentially looking at share price of 12-15 cents .

OR spending 6 cents now but CEM keep the current trend of making small losses in the subsequent quarters and share price will then be stagnant at 8-10 cents.

OR spending 6 cents now but CEM performance worsen and the losses begin to balloon and cuts into the NTA cash position. Then share price will trade at 6-8 cents less than the NTA and perhaps signal time to cut loss and offload our shares.

So I try not to be bias.. giving all the possible scenario. But as u can see, The downside is way < than the upside potential at the current share price of 36 cents. Anything above 40 cents then is not worth to load this counter liao.

The circular to shareholders has positive vibes about the CEM business:

Upon completion of the Proposed Disposal, the CEM Business will become the sole business of the Group. The Group intends to maintain its original strategy of growing the CEM Business but at a hastened speed to make up for the drop in sales and profitability as a result of the divestment of the Target Business.

Though the CEM Business recorded a net loss after tax for FY2017, the CEM Business in respect of the built-to-print segment is taking shape and is starting to turn around.

The other segment of customised automation, set up a year ago, has started to embark on new projects and is expected to contribute positively to the overall performance of the CEM Business. The necessary infrastructure for growing the CEM Business is also in place with newly rented facilities to house the expanded activities as well as a new enterprise resource planning system for control purposes.

The Group will be enhancing its sales efforts to secure new customers as well as beefing up its technical and assembly manpower strength. The key focus areas will be in the built-to-print service and customised automation areas covering industries such as semiconductor, consumer electronics and medical.

The Company will not incur any relocation cost as a result of the divestment of the Target Business as both the Target Business and CEM Business had been operating independently in terms of direct manpower and in separate facilities.

The expansion of customer base and growth in manpower strength are keys to the Group’s turnaround of performance.

I think MIT will make an announcement on the revenue of the disposed business from 1 January 2018 to 31 March 2019 .

According to circular, should the Revenue from 1 January 2018 to 31 March 2019 be less than S$46,506,400, an amount equal to the difference between the two will be deducted from the Escrow Amount and be released by the Escrow Agent to the New Purchaser.

"The management of the Company expects the Target Group to be able to achieve the Prescribed Revenue in light of the existing orders on hand and anticipated orders to be received in the coming months as well as the launch of new products during the second and third quarter of 2018."

Assuming there is no Shortfall Adjustment Amount and no Shortfall Revenue Amount, the Escrow Agent will release 50% of the Escrow Amount, representing 10% of the Actual Sale Price, to the Company within 10 business days following the later date of the receipt of the aforesaid audit results.

There is no timeline for which the aforesaid audit ought to be completed or a timeline for the audit results to be available. The Company nevertheless does not expect the audit to be unduly delayed as it is also in the interest of the New Purchaser for such audit to be completed as soon as practicable so as to determine the Shortfall Adjustment Amount and the Shortfall Revenue Amount, if any.